Niu Technologies cash flow statement

In fiscal 2025, Niu Technologies's operations generated $49.2m of cash; it spent $24.7m on capital projects, leaving free cash flow of $24.4m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Niu Technologies: cash flow statement, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	−19	12	1	26	67	52	−18	13	7	49
Depreciation and amortisation	1	1	3	5	7	15	21	21	17	15
Stock-based pay	12	9	40	3	6	7	9	7	3	4
Capital spending	2	3	5	—	—	44	20	11	17	25
Free cash flow	−20	8	−4	—	—	8	−38	2	−9	24
Free cash flow after stock pay	−32	−1	−44	—	—	0	−47	−5	−13	21
Share buybacks	—	—	1	—	—	—	—	—	—	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Niu Technologies's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Niu Technologies.